The Arab Petroleum Investments Company (APICORP) has signed an agreement to finance the “Shuaa Energy 3” company owned by Dubai Electricity and Water Authority, ACWA Power and the Gulf Investment Corporation.
The funding amounting to $ 70.5 million (259 million dirhams) will be used to develop the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Energy Complex in Dubai, United Arab Emirates.
APICORP is participating in financing this project with several local, regional and international banks, and the total amount of funding provided by the funding agencies, amounting to $ 420.2 million, will be used to equip, construct, operate and maintain a solar PV power plant equipped with the latest solutions and technologies with a capacity of 900 MW.
The new plant, with a capital cost of $ 564 million, will be equipped with bi-faceted solar panels with solar tracking technology. These technologies have enabled the world’s lowest tariff for electric power generation at 1.7 US cents ($ 0.017) per kilowatt hour.
The project is in line with the Dubai Integrated Energy Strategy 2030 and the Dubai Clean Energy Strategy 2050 to secure a sustainable and diversified supply of energy. The fifth phase of the complex, which is the largest solar energy complex in one location in the world, is expected to supply 270,000 homes with electric energy. Carbon emissions of 1.18 million tons per year, in addition to being a remarkable achievement on the road to achieving Dubai’s goal of reducing its dependence on imported natural gas by providing 7% of its electricity needs from solar energy sources by the end of 2020, up to 25% by 2030.
Commenting on the agreement, Dr. Ahmed Atiqa, CEO of APICORP: “APICORP continues its vital developmental role in developing the renewable energy sector in the Middle East and North Africa, in line with the increasing momentum to shift to sustainable, low-carbon energy sources globally.”
Atiqa added that the project represents a new milestone in the path of our partnership with the Dubai Electricity and Water Authority, ACWA Power and the Gulf Investment Corporation, in addition to being an important addition to the Emirate of Dubai on the economic and environmental levels. This represents a new achievement for APICORP to increase the share of renewable energy projects in the company’s business as a whole, as well as to support modern technologies related to the provision of innovative financing solutions that meet the needs of our partners in the public and private sectors.
It is noteworthy that APICORP has provided a total of $ 450 million to finance renewable energy projects over the past four years, as part of its strategic direction to enable countries in the Middle East and North Africa region to better exploit the abundant renewable energy resources they enjoy and help member states reach an energy mix. More versatile and sustainable.
This includes financing the “Shuaa Energy 2” project with a value of US $ 110 million within the third development phase of the Mohammed bin Rashid Mohammed bin Rashid Al Maktoum Solar Energy Complex, which is a 800-megawatt solar photovoltaic power plant being developed by Masdar and E DF Energies Novell, “The station will provide 180,000 homes with electric power and reduce carbon emissions by 1.4 million tons annually.
APICORP also provided a $ 50 million credit facility to Siraj Power and the acquisition of a stake in Yellow Door Energy, both of which are based in the United Arab Emirates. It also acquired a 20% stake in the Jordan Wind Renewable Energy Company, which represented APICORP’s first direct investment in a wind energy project and its first investment in the Hashemite Kingdom of Jordan.
It should be noted that APICORP has, since 2005, contributed to financing many of ACWA Power’s most prominent projects in the Middle East, including independent water and electricity stations and solar PV plants in the UAE, Saudi Arabia, Bahrain and Egypt.
According to this agreement, part of the energy produced by the station will be sold to the Dubai Electricity and Water Authority, which owns 60% of the “Shuaa Energy 3” company, a company established specifically to serve this project, while the rest of the share is owned by ACWA Power and Gulf Investment Corporation, 24 percent. % And 16%, respectively.
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